U.S.'s Snow says G-7 focus is on global growth

RachelKoning

BOCA RATON, Fla. (CBS.MW) -- Group of Seven finance officials will focus on ways to stimulate global growth when they meet Saturday, U.S. Treasury Secretary John Snow said. Snow, who was holding a bilateral meeting Saturday morning with Japanese Finance Minister Sadakazu Tanigaki, was asked if recent concerns over currency volatility would overshadow growth initiatives. "The focus of the conference from my point of view will continue to be growth and what we as ministers can do to build support for higher growth," he said. Snow said U.S. tax cuts have begun to have a positive impact on the domestic economy, and will help boost global growth. Treasury officials would not confirm late Friday if currency volatility was discussed during Snow's bilateral meetings with European and Canadian officials. An aide to the German delegation here did say foreign exchange was raised but would not elaborate. Analysts have said European officials are likely to push for an agreement for currency stability to eleviate the pressure a surging euro poses for the economic recovery there. The euro is up 12 percent since the last G-7 meeting in September and up some 40 percent vs. the dollar over two years. The United States is likely to support currency market flexibility, read as discouragement for Japanese market intervention to curb yen strength. A joint communique is expected Saturday evening.

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